Fake Paytm app used to steal your money: Here’s how to identify such frauds

The pandemic has pushed digital transactions to an all-time high. While this is good news on one hand, not so much on the other. With rising online transactions, bad actors or attackers are easily able to dupe people and steal their hard-earned money. A recent incident is related to a fake Paytm app, with which lakhs of money were stolen in Hyderabad.

As per a report from The Indian Express, Hyderabad Police arrested eight people for cheating people of lakhs of money. The police is said to have recovered Rs 75,000 from the frauds and sent them behind bars in the case of online fraud.

Incidents of fraud using the Paytm Spoof app have increased drastically in the last few months. Using this app, attackers are tricking people and stealing their hard-earned money. The app looks similar to the original Paytm app including its interface, so it often gets difficult to differentiate between the fake and the original one.

A similar incident has been reported from Indore and Chhattisgarh. In one instance, attackers reportedly purchased salmon worth thousands of rupees from the shopkeeper and later showed the notification of fake payment by entering the phone number and other details on this app. These frauds were later caught and handed over to the police.

In most instances related to Paytm Spoof, frauds first buy something from a shop and then enter the shopkeeper’s phone number, shop name, amount, and other details to create a fake payment notification showing that they have paid the money. The Paytm Spoof also sends a payment notification to the shopkeeper’s account but no money is originally credited to the bank account.

To identify such scams, you must always check your bank account balance after each transaction. You must also verify the source of the credit, it should always come from your bank.

The post Fake Paytm app used to steal your money: Here’s how to identify such frauds appeared first on BGR India.

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